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  "documentTitle": "Stryker Corp. (SYK)",
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  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2022-04-06 00:00:00",
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      "kind": "callout",
      "text": "Economic theory posits that as a firm's weighted average cost of capital rises, the firm's valuation should decline. In a perplexing case, we observe that Stryker's bond holders are selling, driving up its cost of debt. Stryker's longer-dated maturities are down low double digits. Meanwhile, Stryker's equity holders haven't reacted keeping its stock price unchanged year-to-date.",
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      "text": "Economic theory posits that as a firm's weighted average cost of capital rises, the firm's valuation should decline. In a perplexing case, we observe that Stryker's bond holders are selling, driving up its cost of debt.",
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      "text": "Stryker's Equity YTD Is Nearly Unchanged",
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      "text": "Stryker's June 2030 US$ Unsecured Debt",
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      "text": "Source: Bloomberg",
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      "text": "Who Is More Astute: Equity or Debt Holders?",
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